What Is the Biggest Financial Mistake You Made in Your 20’s?

Fresh AskReddit Stories: What is the biggest financial mistake you made in your 20's? --- LIKE AND I WILL UPLOAD MORE REDDIT STORIES!



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[brettlarch]

In college for a second time. My biggest regret is that my first time I spent half the time drunk or the other half high. Been sober 5 years.

[GARNET-DAGGER-FF]

Buying a 24k car when I made 25k. Also had 30k student loans on top of that. Its paid off now but that was so stupid.

[nujabeslistener]

For the overwhelming majority of us it's probably college. I don't regret college, but a ton of people do

[knowwhoiamyet]

When I graduated University and was in financial debt, I fell into quite a depression on top of the already persistent depression I've felt since my early teens. I couldn't afford much, and slowly but surely I saw my savings dwindling as payments were made on this and that, including the loans. I turned to "free to play" games on mobile, and fell into the Gacha trap. I love the Fire Emblem series, so I played Fire Emblem Heroes. Little 10 dollar purchases here and there added up, and eventually I noticed I was very close to just being entirely broke. So, I would say playing Gachas because they were "free" was my biggest mistake. I became addicted to the big shiny lights and loud 'whoosh' of getting a character I wanted. I fell into a type of gambling that doesn't even have a chance of returns. Eventually my reason for turning to them - they were free to play - became moot as they ended up sucking more out of me than other things at the time would have.

On the flipside however, I invested in a few Dungeons and Dragons books, and have been using them for years. You can really get a lot out of that, and you don't need all the bells and whistles and fancy minis and maps and stuff to have a good time. We used coins and kitchen magnets and stuff for our characters to play at first!

[GodsPrayerLandscaping]

Not being born into wealth. Then again I’m happy with the cards I’ve been dealt.

[trumpetmasta]

After getting a 6 dollar raise I got a one bedroom apartment when I didn’t have to, and a new car when I already one that was paid off in order to impress my girlfriend and show her that I was an “adult and responsible” I had no reason for two cars and wasted money on a place just to sleep at since I worked a lot and was too tired during my time off. Broke up with my gf. And because all my money was spent on a gas guzzler, a car payment, insurance and rent and some rent to own furniture. I was broke after my paycheck. Don’t do dumb things. It’s not worth it. Take care of yourself and your finances, and your credit score. Don’t get anything from a rent to own place. 50 bucks a month for 6 years is alot money for a crappy sofa.

[CristobalWatsonHernandez]

"You don't you have to pay the minimum, you SHOULD pay it all back"
In some cases you actually do have to pay it ALL back, my wife's credit card for example, I was very surprised when the bank locked us out of her credit due to not paying the total amount back immediately. It depends on the terms of service that you agree to.

[brettlarch]

Having high school best friend roommates who never worked, treated them like an object of pity when they didn’t work and helped with their part of the rent. Nowadays I’m in a lot of debt cause of them.

[ckelley]

For some advice. Buy an old car. Just make sure it doesn't have any mechanical issues. I did this when I was a teenager. And I'm still driving the same car. Financially saves you a lot of money

[jasminearceo]

400 dollar car payment not including insurance is my worst finance mistake but now I know to never finance a car that overpriced again

[doctork]

Not finishing my college education and moving out on my own.

[CristobalWatsonHernandez]

listening to my parents and guidance counselors when they said "do what you enjoy". I would have paid significantly more for education if I had gone to university immediately after high school, but I would have had a much higher-paying job for the last 15 years had I done so. Instead, I ended up trying to get paid to do activities that were, essentially, hobbies, I enjoyed doing them but they never paid the bills and, in hindsight, I doubt they ever would have. I'm back at uni now and will hopefully do "okay enough" restarting my career ambitions (same ones I had in high school before "following my passion") in my mid-30s in a field that I can view as a 9-5.

[kurluk]

Mine - cocaine. Ten years of spending, I don’t want to even do the math on that.

[gratefuldead]

Spending too much money on weed. I could have bought a house from all the money I spent on weed.

[emilymeyer]

Mine was probably totaling two cars within two years. They were both paid, and cheap dumpsters, but if you're a student, losing a 1000$ car means losing one year's savings. Worst part is only one accident was my fault, the other was simply bad luck (frozen ground, light snowfall, driving way below the speed limit and still experiencing aquaplaning-like slipperiness into a tree). Of course the car only had basic insurance so both were a total loss

[dessnatazha]

Paying for orthodontic treatment with a credit card. I'm in a better financial situation than a lot of people, I just wish I'd thought to switch payment methods. I have a better understanding of finances now thankfully.

[cheshirehat]

Got myself a big expensive dog I could really not afford.

[cg]

When I was in college Amazon was at $8 a share...not buying any. However it could've been worse--it was for all that invested in Enron...

[champslim]

Staying at my last job for way to long.

[realcokejam]

Credit cards.

Went into Chapter 7 bankruptcy at 31.